The announcement of audit results of central government enterprises shows that there are great differences between national audit results and social audit results, and social audit often fails to find out the problems of the audited enterprises. The joint force of audit supervision is still insufficient at present. Based on this background,this paper takes listed central enterprises as samples, and studies the influence of national audit on audit firm turnover and the social audit quality after the turnover. The results show that:（1） After accepting the national audit, the probability of audit firm turnover increases, which is more obvious in companies with lower social audit costs in the early stage;（2） The social audit quality is improved after audit firm turnover for companues accepting the national audit;（3） National audit increases the probability of the upgrade or same-level turnover of audit firms, and the improvement of social audit quality is more obvious after the upgrade turnover of audit firms. This paper shows that the correction of social audit by national audit can be realized through the market mechanism of audit firm turnover. The key to strengthen the joint force of audit supervision is to exert synergy effect of national audit supervision and market mechanism.
The 19th National Congress of the Communist Party of China put forward the implementation of the rural revitalization strategy, and the effective establishment of rural collective economic organizations is one of the important ways to implement the strategy. Responsible and transparent financial governance is part of the rural revitalization strategy. Financial management and accounting work are important components in the development of rural collective economic organizations, but the current accounting system obviously lags behind the current trend of development and reform. This paper firstly reviews the changes of accounting system for rural collective economic organizations in China and analyzes the main problems of the current accounting system. In response to these problems, this paper summarizes the systems related to farmers’ cooperatives in other countries such as Japan and South Korea. Drawing on China’s enterprise and government accounting systems, this paper proposes suggestions for improving the accounting system of rural collective economic organizations. This paper contributes to the improvement of the accounting system of rural collective economic organizations under the background of rural revitalization strategy in China, which helps rural financial governance.
Natural resource assets audit of outgoing leading cadres is an ecological governance method with a unique personification imprint. In this paper, natural resource assets audit of outgoing leading cadres carried out from 2015 to 2017 is taken as an exogenous shock event. Combined with the environmental governance data of heavily polluting enterprises, the impact of natural resource assets audit on the environmental governance behavior of heavily polluting enterprises is examined from the perspective of management motivation by using the difference-in-difference model. The results show that natural resource assets audit of outgoing leading cadres has a positive environmental governance effect, which is specifically manifested in the increase of the companies total investment in environmental protection promoted by the natural resource assets audit, and this environmental governance effect is continuous. Further test finds that natural resource assets audit of outgoing leading cadres influences the choice of enterprise environmental governance behavior by influencing the management motivation. Under the influence of the audit pilot policy, enterprise assets on environmental protection investment have been promoted by management based on the long-term transformation motivation.The impact of natural resource assets audit on corporate environmental governance behavior is more pronounced in areas with high government intervention intensity and in companies with low internal control quality and high financing constraints. Additionally, the environmental governance behavior of both state-owned enterprises and non-state-owned enterprises has been significantly affected by the audit pilot policy, but the impact of the pilot policy on state-owned enterprises may be more sustainable.
Based on the commercial bank divisional system reform, the research hand-collects the bank loan information of listed companies from 2001 to 2018 and identifies the organizational levels of the lending banks’ branches through the financial license information issued by the China Banking Regulatory Commission. The results finds that the bank organization level has interest rate effect, mortgage effect and term effect on the loan contract behaviors. That is, after the commercial bank divisional system reform,the lower the organizational level of the lending banks, the higher the loan interest rates,the more likely to adopt mortgage loans, and the shorter the loan terms. Further, by investigating the information communication mechanism, ownership mechanism and digital financial environment mechanism, the research finds the significant differences among the above three effects in innovative enterprises, state-owned enterprises and enterprises in regions with digital financial development.
Green bond is an important tool for optimizing bank resource allocation and promoting green economic development. The paper takes the implementation of Guiding Opinions on Building a Green Financial System as a quasi-natural experiment,selects panel data from 180 banks in China from 2011 to 2020, and uses the difference-indifference model to empirically study the impact of green bonds on banking profitability.The results show that issuing green bonds can significantly improve banking profitability by reducing operating costs and diversifying operations, in which operating costs reduction is the main transmission mechanism, and the policy effect is obviously heterogeneous among different types of banks. It is recommended that commercial banks actively develop green bonds business, and the government should enhance policy support, formulate differentiated financial incentive policies and improve information disclosure mechanisms.
Low-carbon consumption is essential for achieving coordinated and sustainable economic and social development. As important participants of consumption activities, households are encouraged to implementing low-carbon consumption actions,which is of great significance for achieving the goal of carbon neutrality and carbon emission peaking. Based on the data from China Household Finance Survey in 2017 and 2019,we calculates the household carbon footprint and uses a differential model to accurately identify the impact of mobile payment on household carbon emissions. The results show that the per capital carbon consumption of households that have been using mobile payments will be significantly reduced, compared with households who have never used mobile payments. From the perspective of different types of carbon footprints, mobile payments have different effects on different types of carbon consumption, and may exhibit nonlinear effects over time. Further study finds that the impact of mobile payment on the carbon footprint of different quantiles is also different. In addition, the negative impact of mobile payment on household carbon consumption is larger and more significant in rural areas, southern areas, and eastern areas. Our research may provide important references for the coordinated and sustainable development of the digital economy and the low-carbon economy.
Sustained economic growth at the macro level requires effective support from corporate governance structures at the micro level. However, both in practice and theory, current research on Chinese corporate governance appears to be in a state of ambiguity. The discrepancy between appearance and essence in practice and between essence and form in theory presents a dilemma and challenge for research on Chinese corporate governance. This paper proposes a new perspective on corporate governance—an implicit contract explanation within the Chinese Guanxi structure —to help address this dilemma. Corporate governance comprises a collection of contracts among various stakeholders, with the content and form of these contracts embedded within the social structure of the parties involved in transactions. Without an understanding of contracts, it is difficult to comprehend corporate governance; similarly, without an understanding of Guanxi structures, it is challenging to grasp contracts. From a historical analysis perspective that draws upon ancient Chinese Confucian moral philosophy as well as recent insights from Liang Shuming on Chinese culture and sociologists such as Tao Menghe, Fei Xiaotong, and Zhai Xuewei, this paper outlines the fundamental logic underpinning contemporary society; analyzes social determinants behind contract content and form; identifies key differences between Eastern and Western contract forms; proposes cultural and ethical origins for implicit contracts formed within Chinese society; clarifies characteristics of implicit contracts including their advantages/disadvantages and suitability for use;explains an analytical framework for Chinese corporate governance built upon implicit contracts including reasons for transaction cost savings through implicit contracts as well as their implementation mechanisms within Chinese social Guanxi structures. This paper also reviews existing empirical research findings and analyzes how implicit contracts can stimulate transactions and promote economic growth, providing new insights into Coase’s theorem from a different angle. The perspective on implicit contracts proposed in this paper differs from those based on explicit contracts under Anglo-American models. It offers an effective path for introspection and analysis of corporate governance mechanisms within China’s historical traditions while meeting the requirements for modernization deeply rooted in China’s excellent traditional culture. This approach presents a new vision distinct from Western modernization models and strives for innovation within philosophical and social science disciplines. While this paper does not reject the existing logic of Western corporate governance theories, it emphasizes deeper analysis and expansion based on China’s institutional, social, and cultural background concerning different contract forms and situations.
With the in-depth advancement of environmental service market reform and the construction of a modern environmental governance system, the landing scale of environmental PPP projects has shown a strong growth trend in China. Based on the panel data of 256 cities in China from 2015 to 2019, the Clad model and the fixed effect model are used to evaluate the impact of the landing scale of environmental PPP projects on pollution control capacity, and the mediation effect model is constructed to analyze its mechanism. The results show that the implementation of environmental PPP projects can significantly enhance pollution control capacity by improving the efficiency of resource allocation and optimizing environmental supervision function of governments. The resource allocation effect plays a more pervasive role in the pathway of this impact. The results of heterogeneous analysis indicate that regions with higher project approval efficiency, greater financial affordability and more extensive participation of social capital are more favorable for releasing the pollution control effects generated by the implementation of environmental PPP projects. Further research finds that it is imperative to effectively enhance the pollution control capacity of environmental PPP projects from the aspects of clarifying the role boundary of the government, strengthening the importance of standardized development of PPP projects and improving the disclosure of project financial information at this stage.
Based on China industrial enterprise data and financial activity census database, the research constructs a collaborative agglomeration index for the banking and manufacturing industries. From two dimensions of long-term debt level and debt maturity structure, the research studies the impact of collaborative agglomeration on long-term debt financing of manufacturing enterprises and further explores the impact mechanism.The research finds that there is a significant positive correlation between the collaborative agglomeration level of banking and manufacturing industries and the long-term debt financing of enterprises. The collaborative agglomeration significantly improves both the level of corporate long-term debt and the maturity structure of debt. Collaborative agglomeration affects the long-term debt financing of enterprises through market channel and information channel. The positive effect of market channel on the long-term debt financing of enterprises exceeds the negative effect of information channel. The overall performance is that collaborative agglomeration increases the long-term debt financing of enterprises. However, such promotion effect will be affected by heterogeneous factors such as ownership type, competitiveness and location. The reliability of the research conclusion is verified by various methods. The research provides a new perspective for optimizing the evolution of industrial agglomeration and better promoting financial development to serve the real economy.
The economic effects of China’s carbon emissions trading system have attracted much attention. Considering this policy as a quasi-natural experiment, the paper investigates the impact of the carbon emissions trading system on firm value by using methods of propensity-matched scores and double-difference scoring based on the data of listed firms in key industries from 2011 to 2018. The results show that the implementation of the carbon emissions trading system significantly improves firm value. Compared with non-state-owned enterprises, the promoting impact on the financial value of stateowned enterprises is more significant. The mechanism test shows that the carbon emission trading system can improve firm value in a short-term or long-term by promoting R＆D investment and emission reduction investment.
The carbon tax border adjustment measure is a controversial topic. A major academic controversy is the relationship between carbon tax border adjustment and the principle of Common But Differentiated Responsibility（CBDR）. Some argue that the carbon tax border adjustment measures run counter to the spirit of CBDR principle enshrined in the Kyoto Protocol. There are also views that carbon tax border adjustment is ecological imperialism against developing countries. This paper discusses the essence,connotation and function of carbon tax border adjustment and its influence on export industry. This paper concludes that the carbon tax border adjustment is consistent with the spirit of CBDR principle. Moreover, the spirit of CBDR principle must be understood in the context of the introduction of the Kyoto Protocol. The purpose of the Kyoto Protocol is to achieve the ultimate goal stated in Article 2 of the United Nations Framework Convention on Climate Change, which aims to control the concentration of greenhouse gases in the atmosphere at a certain level to prevent the interference of human activities that harm the climate environment. As a measure designed to control greenhouse gas emissions, the carbon tax border adjustment is in line with the ultimate goal of the Kyoto Protocol.
Based on a sample of Chinese A-Share listed firms from 2008 to 2019,we investigate the impact and mechanism of state-owned property rights on corporate taxation decisions from the perspective of dynamic adjustment of corporate tax burden. Our empirical results show that compared with non-state-owned enterprises（non-SOEs）, stateowned enterprises（SOEs） have significantly slower adjustments to the target tax burden level. Heterogeneity analysis finds that the difference in the speed of dynamic adjustment of tax burdens between SOEs and non-SOEs is greater when controlling shareholders have greater intervention on SOEs（SOEs with local governments controlled, a higher proportion of directors appointed by controlling shareholders, a higher proportion of stateowned ownership and more policy burdens） or when the government has stronger incentives to intervene in corporate tax decision-making（SOEs that locate in areas with greater tax collection and administration, heavier tax tasks, and a higher proportion of income tax revenue in budget revenue）. Economic consequences test finds that tax burden adjustment speed of both SOEs and non-SOEs can promote firm value, which means a slower tax adjustment speed may be a sign of inefficiency. From the perspective of the dynamic adjustment of tax burden, we enrich literatures on state-owned property rights affecting corporate tax burden, and provide a useful reference for sustaining to deepen the reform of SOEs.
This paper investigates the influence of large shareholders’ share pledge on the open market repurchase announcement and actual buyback in China’s listed firms.Based on the regression results by combing repurchase samples with non-repurchase samples, this paper finds listed firms with the large shareholders’ share pledge are more likely to issue share repurchase plans. However, among listed firms issuing share repurchase plans, the relationship between large shareholders’ share pledge and actual buyback is not significant due to the coexistence of positive and negative factors, which yields an insignificant net effect. Heterogeneity analysis finds that in repurchase samples,state-owned firms’ actual buyback ratio increases as the pressure from large shareholder’s share pledge increases, due to considerations of reputation and regulatory effect. Firms with high leverage and high R＆D expenditure have weak strength and face more financial constraints, then these firms’ actual buyback ratio decreases as the pressure from large shareholder’s share pledge decreases. Empirical results of economic consequences show that under the influence of both large shareholders’ share pledge and open market repurchase, open market repurchase announcement can still manage the market value, and improving actual buyback contributes to future performance and financial ratio. Relevant market entities should maintain the necessary vigilance against the share repurchase of listed firms with large shareholders’ share pledge, and pay attention to the opportunistic behaviors such as low actual buyback under specific circumstances.
How do creditors view the signal of high levels of goodwill（high income or high risk）? Based on the data of A-share listed companies in China from 2009 to2019, this research empirically tests the relationship between excess goodwill and debt financing cost. The results show that excess goodwill has a significantly positive impact on corporate debt financing cost. After changing the measurement method of explanatory variables, using the PSM propensity score matching method to control the endogeneity,the conclusion is still valid. The mechanism test finds that operational risk partially mediates the relationship between excess goodwill and debt financing costs, while information asymmetry plays a masking role. Further research finds that high-quality internal control can effectively alleviate the negative economic effects of excess goodwill on debt financing cost.
Based on the tone data of firms’ top five listed customers and MD＆A text in their annual report, this paper empirically tests the effect of customers’ management tone on firms’ R＆D investment behaviors. The result shows that pessimism conveyed by the negative tone of customer management can be transmitted upstream along the supply chain. The more the net negative tone of customers’ MD＆A, the lower the level of R＆D investment of firms. Heterogeneity study confirms that compared with state-owned firms, capital intensive or labor-intensive firms and firms with low level of industry competition, the net negative tone of customers’ MD＆A has a more significantly negative impact on firms’ R＆D investment in non-state-owned firms, technology intensive firms and firms with high level of industry competition. Results of the extensive test show that the more the net negative tone of customer management, the higher the level of financial risk and bankruptcy risk to face in the future, and the greater the possibility of financial distress. It is concluded that the text tone of customers’ MD＆A has certain credibility and incremental information value, and upstream suppliers should pay proper attention to the tone of text messages issued by the management of downstream customers to judge whether the expected return on the R＆D as relationship-specific investment can be realized.
In order to timely monitor the companys’ accounting information and maintain the stability of economic development, the Ministry of Finance has established the Inspection Program of Accounting Information Quality（IPAIQ） to supervise the annual financial reports of all companies that have established accounts in accordance with the law. From the perspective of the IPAIQ, this paper examines the influence of IPAIQ on corporate financing constraints and its influence mechanism. The empirical results show that after the announcement of IPAIQ, the financing constraint level of the inspected companies is significantly increased by reducing reputation, increasing profit fluctuation and increasing violation risk. Further research finds that IPAIQ improves the debt and equity financing costs of inspected companies. In addition, the characteristics of the inspection of accounting information quality and the heterogeneity of corporate accounting adjustment have a different impact on the financing constraints of inspected companies. The research reveals that IPAIQ has an impact on the future financing conditions and behaviors of inspected companies, and provides useful empirical evidence for the improvement and exploration of government accounting supervision policies.
越来越多的中国企业由单一主体企业发展成为企业集团,那么集团型上市公司对子公司财务信息的披露是否能为投资者提供有用信息?文章从权益资本成本视角出发,利用2005?2017年中国A股上市公司数据研究发现上市公司对子公司财务信息披露得越详细,权益资本成本越低.进一步研究发现,当披露的子公司为非全资、非同行业、异地、对上市公司净利润影响较大、净利润为正的子公司时,以及当上市公司关联交易占比较高、面临的市场竞争更激烈时,上述结果更为显著.作用机制检验发现,股票交易量和分析师预测误差是子公司财务信息披露降低权益资本成本的重要机制.结论表明,上市公司对子公司财务信息的披露能为投资者提供决策有用信息,改善中国资本市场的信息环境.
环境管理控制系统是企业环境治理的制度性体系,对于提升企业环保水平具有重要意义.文章在构建环境管理控制质量评价体系基础上,以重污染行业为样本,理论分析并实证检验企业环境管理控制对环境绩效的影响.研究发现:企业环境管理控制对环境绩效具有显著正向作用,法制环境对两者关系具有正向调节效应,在法制环境较好的地区,企业环境管理控制对于环境绩效具有更强的促进作用,在国有企业中,法制环境的正向调节效应更强.
财会监督作为党和国家监督体系的重要组成部分,在对冲公共风险、构建新型国家治理体系、推进国家治理体系和治理能力现代化领域发挥着重要作用.智能化环境的形成拓展了财会监督的外延,丰富了财会监督的方式和场景,为塑造智能财会监督带来了新的驱动力.通过建立以"监督—反馈"业务循环为核心的智能财会监督体系,实现了财会监督的微观、中观和宏观一体化,提高了财会监督的透明度和功效性,为实施财会监督和财会治理提供方法论支撑.
不确定性规避倾向考察了人们对风险承担的态度,是区分区域文化差异的重要维度.文章以2003-2019年沪深A股上市公司为研究样本,实证检验了不确定性规避倾向对内部控制质量的影响,并考察了这种影响在不同社会信任水平下是否存在差异.研究发现,不确定性规避倾向越高的地区,企业内部控制质量越高;进一步研究发现,在社会信任水平较低地区,不确定性规避倾向对内部控制质量的影响更为显著,这为区域文化这一非正式制度对内部控制的治理作用提供了经验证据.
